Solar Panel Cost Guide in Richfield, MN (2024 Update)
- Richfield Solar Installation Cost: $20,316
- 25-Year Savings: $21,469
- Payback Period: 14.2 Years
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Average Cost of Solar Panels in Richfield
Find out how much it might cost to switch to solar power in Richfield.
Although the national average of solar panels is $2.66 per watt, solar panels in Richfield generally cost around 4.The average Richfield homeowner needs a 7.2-kilowatt system, which would cost about $20,316 with the federal tax credit, or $29,052 before the 0 tax credit is applied.
Keep in mind that the numbers above are only averages. The price you’ll pay for solar may look quite different based on your household energy use, the type of equipment you choose, your solar contractor and more.But, once you've paid the upfront cost of installation, the ROI for most homeowners is typically fruitful, with a net average savings of about $19,000 over 20 years on power bills.
To calculate your potential ROI and connect with a local solar expert, click the button below.
Solar savings over time in Richfield
| Year | Return on Investment |
|---|---|
| 1 years | $-19,037 |
| 3 years | $-16,478 |
| 5 years | $-13,919 |
| 7 years | $-11,360 |
| 9 years | $-8,801 |
| 11 years | $-6,242 |
| 13 years | $-3,684 |
| 15 years | $-1,125 |
| 17 years | $1,434 |
| 19 years | $3,993 |
| 21 years | $6,552 |
| 23 years | $9,111 |
| 25 years | $11,670 |
Top Solar Installers in Richfield
Although you can install solar panels by yourself, it takes extra energy and know-how. That's why most homeowners choose to go with a solar panel installer. Plus, warranties and repairs from your solar panel installer can protect your investment and reduce the cost of maintenance in the long run.
If you’d like to start using solar energy but still aren’t certain which solar system installer to go with, here are our suggestions for providers nearby:
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
See all of the solar companies in Richfield
Factors that Affect Solar Panel Costs in Richfield
There are many criteria that can influence your total installation cost, such as the size of your system, the equipment you choose, your financing options and the specific company that installs your solar system.
Solar Equipment
When it comes to estimating the price of solar panels in Richfield, one of the most crucial factors is the size of the system you need. Solar systems are sized by kilowatts (kW) and are mainly based on your home’s energy usage, which you can figure out by looking at past energy bills. Your overall cost can increase by about $4,030 for each additional kilowatt you need.The brand and kind of equipment you want for your solar system can increase or decrease the price quite significantly. If you prefer a brand name like Tesla or SunPower, these often come at a higher price than other brands. Efficiency also matters. Whether you’re opting for high efficiency because you have limited roof space or just want maximum energy production, you can expect a higher equipment cost, but this can typically lead to more savings over time. Plus, if you want add-ons like an electric vehicle charger or solar batteries, this will also raise the cost.
Solar Financing Terms
Many homeowners find the average cost of solar in Richfield to be prohibitively costly, even if the investment pays off over time. Thankfully, almost every solar installer in the area offers financing options. Solar loans remarkably decrease upfront costs for most homeowners, but they also lead to paying more over time because of interest.It’s wise to factor the interest you’ll pay in your final cost estimate. If you can afford to pay a higher down payment, you can reduce your total costs and the amount of time it’ll take to pay off the loan.
Solar Panel Installation Company
The solar panel installer you select will play a role in your total cost to go solar. Different companies will bill different amounts for the equipment and labor.Additionally, some companies in Richfield are more knowledgeable about local solar incentives and can help you make good use of additional rebates or tax exemptions. Though, they may charge more for walking you through the whole process. Even if they cost more upfront, they could end up saving you more money in the long run.
Solar Panel Cost Data by System Size
| System size | Cost per system watt | Solar system cost | 25-Year savings | Payback period |
|---|---|---|---|---|
| 6 kW | $4.19 | $17,603 | $12,211 | 14.8 years |
| 8 kW | $4.11 | $23,019 | $16,733 | 14.5 years |
| 10 kW | $4.03 | $28,210 | $21,480 | 14.2 years |
| 12 kW | $3.95 | $33,175 | $26,453 | 13.9 years |
| 14 kW | $3.87 | $37,914 | $31,652 | 13.6 years |
| 16 kW | $3.79 | $42,428 | $37,076 | 13.3 years |
| 18 kW | $3.71 | $46,716 | $42,726 | 13.1 years |
| 20 kW | $3.63 | $50,778 | $48,602 | 12.8 years |
How to Save on Solar Panels
Since the model of solar panels and the company you choose significantly affects your costs and your system’s efficiency, production, and durability, it’s important to select the right ones for you. Here are some tips to keep in mind to help with your decision:
- Reputation: Make sure your solar company has a good reputation by confirming it has certifications and licenses, checking how long it's been in business and reading reviews by past customers and solar experts like the EcoWatch team.
- Contract: It’s important to look over your solar installer’s contract well to understand what services they will provide, what the warranty covers and what you can expect about the cost.
- Warranty: If you care about the endurance of your solar energy system, checking if your installer offers a 25-year, all-inclusive warranty can give you some peace of mind.
- Solar Panel Brands: Homeowners will have different preferences for panels depending on their locations and energy needs. While there are many options for which brand of solar panel you can get, not every company will have access to the exact one you may want or need, so make sure you ask for their list of options before deciding.
Best National Provider
SunPower
- Most efficient panels on the market
- National coverage
- Cradle to Cradle sustainability certification
- Great warranty coverage
- Expensive
- Customer service varies by local dealer
Best Social Impact
Palmetto Solar
- Expansive service area
- Makes charitable contributions
- Certified B Corp
- No leases or PPAs
- Quality of installation may vary by location
Best Technology
Tesla Energy
- Price-match guarantee
- Sleek, efficient, and durable solar panels
- Best solar battery on the market
- Some reported issues with customer service
- Customer service varies by local dealer
EcoWatch's Richfield, MN Solar Cost FAQs
What is the average cost of installing solar panels in Richfield?
The average cost of solar panels in Richfield is about $20,150 for a 5-kW system and $40,300 for a 10-kW system before the ITC, but the actual cost will depend on things like the model of solar panels you want, what size system you need and how much energy you use.
Is it better to lease or buy solar panels in Richfield?
Leasing solar panels can be an option if you can’t afford to pay upfront or get a solar loan, but since you don’t own the system, you don’t have access to many solar incentives. Also your home value won’t increase, so you’ll have less savings over time. If you can afford to buy a solar system upfront, then buying is the better option if you want the most bang for your buck from going solar.
How will installing solar panels impact how much my home is worth?
Solar panels can increase the value of your property by about 4%, according to research done by Zillow. The average home value in Richfield is currently $336,465, which means you can expect a value of about $13,795 more than houses without a solar system. The exact figures will vary, but most experts agree that installing solar panels in Richfield is a rewarding investment.
How many solar panels do I need to power my home?
The exact number of solar panels you need depends on your household energy consumption and the average daily sunlight your roof gets. You can look at your energy bills for the past year to get an idea of the solar system size you'll need. The average household has to install between 20 and 35 panels to cover their typical energy usage.
Our goal is to reach as many people as we can with sensible solutions like solar energy. Our team of full-time local researchers collects solar price and installation data for every city in America then compiles it to create these digestible city guides. If you want to read our solar expert's opinion on the top solar companies featured here, follow this link.
Company research was conducted by Melissa Smith and Karsten Neumeister. Local data analysis was conducted by James Savino. See something we missed or could do better? Email the editor.